(As of 7:10 am PST)
US stocks are extending their
rally from Friday after a deal was reached in Greece early Monday morning.
After a 17 hour summit in Brussels over the weekend, euro-zone leaders appear
to have reached a bailout agreement valued at 86 billion euros ($96 million
USD) which would avoid a Greek exit from the euro-zone. The reform package
includes austerity measures that must be approved by the national parliament in
Greece before formal funding can begin, which many suggest could happen by the
end of this week. European equities rallied Monday on the news with indexes
higher by more than 1%. In Asia, stocks continued their winning streak with
Chinese stocks up 2% despite many shares of Chinese companies remaining halted for
trading on the heels of the recent sharp selloff in China. In the US, economic
data is light today but will pick up as the week wears on with reports on
retail sales, manufacturing, housing, and consumer sentiment all due out. Investors
also have plenty of earnings announcements to sift through this week as Q2 earnings
season kicks into full swing. Commodity prices are lower today with oil down
1.5% and gold also down to $1,150/oz. With the risk trade on today, treasury
prices are lower sending rates up with the 10 yr. yield at 2.44%.
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